CoStar Group (NASDAQ:CSGP) Coverage Initiated by Analysts at Bank of America

Bank of America assumed coverage on shares of CoStar Group (NASDAQ:CSGP - Get Free Report) in a report released on Friday. The firm set a "neutral" rating and a $79.00 price target on the technology company's stock. Bank of America's price target would indicate a potential upside of 8.97% from the stock's current price.

A number of other brokerages have also issued reports on CSGP. Craig Hallum initiated coverage on CoStar Group in a research note on Friday, February 28th. They issued a "buy" rating for the company. Citigroup cut their price target on CoStar Group from $88.00 to $86.00 and set a "buy" rating for the company in a research note on Thursday, February 20th. Stephens reiterated an "overweight" rating and issued a $103.00 price target on shares of CoStar Group in a research note on Tuesday, February 18th. Wells Fargo & Company increased their price target on CoStar Group from $63.00 to $65.00 and gave the stock an "underweight" rating in a research note on Wednesday, April 30th. Finally, William Blair assumed coverage on CoStar Group in a research note on Friday, February 28th. They issued a "market perform" rating for the company. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $87.54.

CoStar Group Price Performance

CoStar Group stock traded down $1.57 during mid-day trading on Friday, hitting $72.50. The stock had a trading volume of 6,147,177 shares, compared to its average volume of 2,917,133. CoStar Group has a one year low of $68.26 and a one year high of $83.68. The company has a current ratio of 8.96, a quick ratio of 9.63 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $30.59 billion, a P/E ratio of 207.14 and a beta of 0.89. The firm's 50 day moving average is $77.19 and its 200 day moving average is $76.21.

CoStar Group declared that its Board of Directors has approved a share buyback plan on Tuesday, February 18th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the technology company to buy up to 1.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its shares are undervalued.

Insider Activity at CoStar Group

In related news, CAO Cynthia Cammett Cann sold 1,749 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $79.90, for a total value of $139,745.10. Following the completion of the transaction, the chief accounting officer now owns 29,456 shares of the company's stock, valued at approximately $2,353,534.40. This trade represents a 5.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.09% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Hopwood Financial Services Inc. bought a new stake in CoStar Group in the fourth quarter worth about $25,000. Wayfinding Financial LLC bought a new stake in CoStar Group in the first quarter worth about $29,000. Bayforest Capital Ltd bought a new stake in CoStar Group in the first quarter worth about $29,000. SBI Securities Co. Ltd. bought a new stake in CoStar Group in the fourth quarter worth about $30,000. Finally, GKV Capital Management Co. Inc. bought a new stake in CoStar Group in the first quarter worth about $31,000. Institutional investors own 96.60% of the company's stock.

CoStar Group Company Profile

CoStar Group, Inc provides information, analytics, and online marketplace services to the commercial real estate, hospitality, residential, and related professionals industries in the United States, Canada, Europe, the Asia Pacific, and Latin America. The company offers CoStar Property that provides inventory of office, industrial, retail, multifamily, hospitality, and student housing properties and land; CoStar Sales, a robust database of comparable commercial real estate sales transactions; CoStar Market Analytics to view and report on aggregated market and submarket trends; and CoStar Tenant, an online business-to-business prospecting and analytical tool that provides tenant information.